60, thanks for the kind words and patience with my comments on your trading/style. I hope you understand that I come from a different perspective, it isn't right or the only perspective just a different one. I hope that in sharing different perspectives amongst the poster here we all benefit from the ideas and become better traders. I think you have something I could learn about LT trading.
>>>I'm guessing a short-term trader would have chosen today's low of $15.18 instead. <<<
Well, not certain about others, but that 6.7% looks pretty good from this seat and I'd prolly set the stop about half way or 3/4ths way up that nice open candle of today. I like to sell into strength. That way I capture most of the top, lock in profits now rather than later and still have the option to re-enter if the price breaks out again. That said, my strategy requires an eye on the hourly chart to execute.
>>>I'm working toward my 2nd target $19.<<<
OK, I understand that perspective. Did you take partial profits at the first target?
>>>The strong close today IMO indicates a strong open tomorrow.<<<
I would not be surprised to see it 'gap & crap' tomorrow. Either that or you shoot up on momo players.
>>>I do not intend to let an EP profit turn loss. <<<
Good for you! I would just hate to see you settle for 1% to 2% on a passive, give 'er room to run strategy, when 6.7% was at hand. The struggle from this seat is that idea of 'hope': hope it is going higher, hope it turns around, etc. At least we have conquered most of the negative side of 'hope', by having firm stops on the bottom as to control the ultimate downside. However, I wonder if watching the price fade and sticking to the original stop 'hoping the correction is minor, seems like another version (though smaller scale) of what got me sent to rehab in the first place. Perhaps using the Parabolic SAR on an hourly chart, Bollinger Bands or some kind of channel strategy is a solution for a stop on a stock with a price going vertical?
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